The combination of strong cash flow in the shipping market and continued uncertainty related to regulatory requirements, fuel standards, and sustainability means that the focus on future-proofing investments continue to increase.

We have assisted DIF Capital Partners (via its DIF Infrastructure VII Fund) and EDF Invest (the investment arm of the EDF Group in real assets) with entering into a definitive agreement to acquire Fjord1, the largest owner and operator of ferries in Norway. Subject to closing of the transaction, Fjord1 will be acquired from Vision Ridge Partners and Havila Holding. Vision Ridge and Havila Holding have been investors in Fjord1 since 2019 and 2011, respectively.

Refund Guarantees secure repayment to the buyer of the pre-delivery instalments paid under a shipbuilding contract (an “SBC”) in the event of termination of the SBC due to builder’s default or insolvency or the total loss of the ship under construction. Having the benefit of a refund guarantee is therefore of key importance to the buyer under a shipbuilding contract.

The hydrogen industry is undergoing rapid development, in particular due to the ever-increasing focus on reducing the carbon footprint and emissions across all businesses and industries. Hydrogen has a wide range of applications, and projects of various scales are being developed to cater for the varying local- and end-users’ needs. As a result, a variety of contractual frameworks and structures will likely emerge – both on a project-by-project basis and regarding the hydrogen value chain as a whole.

BIMCO and the Association of Ship Brokers & Agents (“ASBA”) recently released a dedicated gas tanker voyage charterparty, the ASBAGASVOY 2020. The form is a based on the well-established ASBATANKVOY form for product tankers and has been developed in response to the growth of the gas spot market.

The downturn in the offshore markets has clearly been deeper and longer lasting than had originally been expected following the collapse of the oil price back in 2014. This article takes a brief look at the current situation and at some of the contracting solutions that we are seeing in these markets.

Most of those involved in the shipping industry will by now have a clear picture of the requirements under the IMO 2020 global sulphur cap on marine fuels. Attention has therefore turned to the steps that need to be taken to put those requirements into practice. Two clauses recently introduced by BIMCO are aimed at addressing certain contractual aspects of the IMO 2020 requirements as they apply to time charterparties.

Financing

English Law

Offshore

Renewable Energy and Green Investments

Restructuring, bankruptcy and insolvency

Sustainability, climate and environment

Shipping

Partner

Mads has experience in advising clients on joint-venture structures, construction and conversion contracts, sale and purchase, chartering, management and operation of drilling rigs, ships and other offshore units. 

Mads has significant experience in the LNG sector, including with respect to FSRU and FLNG projects, having previously worked for a leading international LNG shipping owner and operator. 
In addition, he has advised clients on several transactions within the wellboat and aquaculture industries. 

Mads also has experience from business restructurings and reorganisations, having recently worked on a major restructuring within the maritime sector, as well as M&A transactions. 

He previously worked in Wikborg Rein's London office for several years and is dual qualified as a Norwegian lawyer and a Solicitor of England & Wales.

Oslo

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Mads has experience in advising clients on joint-venture structures, construction and conversion contracts, sale and purchase, chartering, management and operation of drilling rigs, ships and other offshore units.

Mads Ødeskaug

Managing Associate (Solicitor of the Senior Courts of England and Wales)

Senior Associate (Solicitor of the Senior Courts of England and Wales)

Associate (Solicitor of the Senior Courts of England and Wales) London/Oslo